1962 Cost of Living

GoldmattersGoldmatters Posts: 3,679 Admin
edited April 30 in About Gold






Sourced from: @GoldTelegraph_


This is an interesting reminder of how inflation destroys our purchasing power over time.

Comments

  • RocketDogRocketDog Posts: 527 Silver ✭✭✭✭
    No doubt. We need to keep that in mind when we look at our salaries/wages. It is amazing how many people are moving backward since the 1980s, (and 1962). I think most of us have only 1/2 the purchasing power now that we did then, and we work twice as hard. I am grateful to be out of debt and do better than a lot of my friends, but I am getting to the point where, with more than half of my income going to taxes, being skewered by health care costs (and I'm healthy), I think I should just stop working, stop paying taxes (stop supporting illegal immigrants) and just grow a really big garden until gold and silver prices reset. Why wait until the crash? Stop early and smell the roses for a while before the chaos.

    What do you guys think?
  • GoldmattersGoldmatters Posts: 3,679 Admin
    @RocketDog better to be 5 years early than 5 minutes late :)
  • tomartotomarto Posts: 112 Copper ✭✭
    $20.00 in 1971 has the same buying power as $123.88 in 2018... in other words, inflation has destroyed savings. :o
  • ike11ikeike11ike Posts: 154 Bronze ✭✭✭
    RocketDog said:

    No doubt. We need to keep that in mind when we look at our salaries/wages. It is amazing how many people are moving backward since the 1980s, (and 1962). I think most of us have only 1/2 the purchasing power now that we did then, and we work twice as hard. I am grateful to be out of debt and do better than a lot of my friends, but I am getting to the point where, with more than half of my income going to taxes, being skewered by health care costs (and I'm healthy), I think I should just stop working, stop paying taxes (stop supporting illegal immigrants) and just grow a really big garden until gold and silver prices reset. Why wait until the crash? Stop early and smell the roses for a while before the chaos.

    What do you guys think?

    I'm pretty much doing this...put in notice at my software job last Monday and I start working for a farmer on Monday to learn some real valuable skills.
  • ike11ikeike11ike Posts: 154 Bronze ✭✭✭
    tomarto said:

    $20.00 in 1971 has the same buying power as $123.88 in 2018... in other words, inflation has destroyed savings. :o

    And that is quite understated imo...I think it's closer to $20 then = $700-800 now
  • RocketDogRocketDog Posts: 527 Silver ✭✭✭✭
    @ike11ike that is so cool! I have been volunteering for a local organic farmer for the past couple of years, so that I can learn and develop a good relationship. I buy my food from his CSA. I work at the local Farmer's Market selling vegetables for him every other Saturday in the summer. It's fun and I meet nice people. Quite different from my IT job. I am so close to quitting my job. Just have to wrap up a few loose ends and gather the courage. What will I do with an extra 40 hours a week? How many thoughts can we think when not renting our brain power to others? That is so enticing.

    Congratulations on taking this big step toward improving your future, hopefully finding greater meaning and a better sense of security in the process. I hope I can say the same very soon.
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